Homegrown auto major Mahindra & Mahindra 's investment in technology and product development has risen over 16-fold in ten years to touch Rs 1,938 crore in 2015-16.
The company, which is betting big on innovation and aims to be among the top 50 'Most Admired' brands in the world by 2021, also filed 173 patents in 2015-16.
"Our investment in technology and product development has grown from Rs 115 crore in FY 2005-06 to Rs 1,938 crore in FY 2015-16," Mahindra & Mahindra said in its annual report for 2015-16.
Equity benchmarks maintained early gains while the broader markets outperformed after two-day consolidation. Healthcare, FMCG and select auto stocks gained while Wipro remained top loser, down 4 percent after disappointing on Q2 guidance and Q1 margin front.
The 30-share BSE Sensex was up 93.90 points at 27881.52 and the 50-share NSE Nifty rose 22.75 points to 8551.30. The BSE Midcap gained 0.6 percent and Smallcap rose 0.4 percent as about two shares advanced for every share falling on the Bombay Stock Exchange.
HDFC Bank, Dr Reddy's Labs and Hero Motocorp gained more than 1 percent followed by Reliance Industries, ITC and TCS while ICICI Bank, Infosys and Tata Motors were losers.
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